How Are Your Conversion Rates?
Updated: Mar 9, 2021
There are many opinions when it comes to conversion rates. It can get tricky trying to navigate it all. To start, what industry are you in and what product(s) are you selling? Take the time to research what the standard is for your segment.
When assessing your own conversion rate, keep your industry in mind!
Across the board, the average conversion rate is 2.35%. If this is your first time hearing about conversion rates, this may sound low, but only 25% are hitting around 5%.
By comparison, if you are hitting more than 5%, you’re doing pretty well for yourself. 10% or higher conversion rates are optimal and getting you close to the top conversion rates.
With that information in mind, what are some of the things you can do to help increase your conversion rate?
The Big Three:
1. Find the Obstacles
Figure out if there are any obstacles to conversion. Do you have too many annoying steps in the way of generating a lead or sale? If it takes more than 1-2 steps once the potential customer is on the site, take a look and see what you can trim down.
2. A|B Test
A|B test your site to see what works and what doesn’t. Keep doing this and iterate to increase your conversion. If you aren’t sure how to do this, find someone that understands website construction and have them create a landing page test. Thankfully there are a lot of website platforms that make it much easier to figure out.
If you have a tight budget to work with, you can always start by testing two different landing pages and go with the better option. You can continue to A|B test like this until you maximize the landing page and hit that sweet spot of 10% or higher.
3. Create Unique Offers
Go beyond what everyone else in your industry is doing and get creative. Sometimes it helps to have another opinion or someone you can ideate with that sees your business from an external perspective.
Now is your time to experiment and think outside the box!
Data image and more insights from Larry Kim’s article on conversions: https://www.wordstream.com/blog/ws/2014/03/17/what-is-a-good-conversion-rate
Some additional resources: